Sign up for our weekly newsletter to stay informed and engaged. The study follows a report by a state-affiliated Russian think-tank, which said last week that more than half of the 5,000 foreign companies working in the country had announced no restrictions on . It is difficult to know why these companies, which include some major Western names, such as Credit Suisse and Carrefour, have opted for inaction on Russia while more than 400 others have exited the country. Tencent. We are humbled that our list helped galvanize nearly 1,000 companies to withdraw in the two months since. Copyright 2023 CBS Interactive Inc. All rights reserved. It did not respond to a request for comment. The European Union on Monday decided to . By Andrew Ross Sorkin , Jason Karaian , Sarah Kessler , Stephen Gandel , Michael J. de la Merced , Lauren Hirsch and Ephrat Livni. put together a comprehensive list of all the companies that remain operating in Russia to date. More than 1,000 companies from around the world have disengaged to varying degrees from Russia since the war began. Suspended new investments, advertising and promotion & no new clinical trials and stopped enrollment of new Russian patients in ongoing clinical trials. Click here to watch President Zelenskyy's interactive Q&A. McDonald's McDonald's ( MCD) announced March 8 that it would be temporarily shuttering all 850 locations in Russia. Nearly 40 companies were digging in, defying public demands to exit Russia or reduce their activities in the pariah state as of Thursday, according to a list kept by a professor with the Yale School of Management. Volkswagen closed a long-delayed deal to sell its Russian business on Friday but . The list below is updated continuously by Jeffrey Sonnenfeld and his team of experts, research fellows, and students at the Yale Chief Executive Leadership Institute to reflect new announcements from companies in as close to real time as possible. The company said on Feb. 27 that it would sell its 19.75% stake in Russian . Terms & Conditions. More than a year later, its clear: Leaving Russia isn't as easy as the first announcements might have made it seem. SC Johnson. As of Tuesday, there are 28 U.S. corporations that remain in the country, a list . There are no legal clauses that allow us to unilaterally change the contract," he said. By Isabel van Brugen On 11/8/22 at 11:06 AM EST Share World Russia Russia-Ukraine War Businesses Vladimir Putin Ukraine on Monday named 50 international companies that it claims continue to. The Senate is Right to Reject Biden's Student Loan Bailout for the Rich, Student Loan Forgiveness Is an Urgent Racial Justice Issue, Putin Critic Navalny's Jail Cell Mockup Tours Europe Seeking Support, Student-Loan Debt to Soar as Senators Vote to Retroactively Add Interest, Is South Africa Limiting Water for White People? Foreign Minister Dmytro Kuleba called for a boycott of the companies, accusing them of "funding genocide" by maintaining operations in Russia, according to a tweet by the Ukrainian Foreign Ministry. We do not endorse nor certify the accuracy of this list of addresses, but in response to frequent requests, we are aware of this external non-Yale resource. Citigroup Inc., which has thousands of staff and billions of dollars of assets in Russia, has said it will cut back much of its business in the country. Some companies regarded as among the worst offenders by Sonnenfeld and his team dispute the notion that they are conducting business as usual because they have not withdrawn from Russia. Companies that are just continuing business-as-usual in Russia Holding Off New Investments/Development (177 Companies) (Grade: D). Updated By: Jeffrey Sonnenfeld and Yale Research Team: Meena Ambati, Wiktor Babinski, Will Berkley, Ahaan Bhansali, Yash Bhansali, Forrest Michael Bomann, Michal Boron, Tristan Brigham, Jesse Bross, Adnan Bseisu, Katie Burke, Lauren Cho, Cara Chong, Andrea Chwedczuk, Adriana Coleska, Maia Cook, Cam Coyle, Khulan Erdenedalai, Paola Flores Sanchez, Jake Seymour Garza, Kevin Grold, Tamara Gruslova, Hunter Harmon, Patrik Haverinen, Georgia Hirsty, Warner Hoshide, Daniel Jensen, Aditya Kabra, Nolan Kaputa, Mateusz Kasprowicz, Jay Kauffin, Sahana Kaur, Yuto Kida, Ava Leipzig, Victoria Liando, Cate Littlefield, Kasey Maguire, Marek Malinowski, Maksimas Milta, Rmi Mot-Buonaparte, Atin Narain, Christophe Navarre, Marina Negroponte, Camillo Padulli, Jeremy Perkins, Katya Pinchuk, Yevheniia Podurets, Aranyo Ray, Dorothea Robertson, Eleanor Schoenbrun, Nick Shcherban, Charlotte Simonds, Franek Sokolowski, Andrew Sonneborn, David Sun, Christopher Sylvester, Steven Tian, Maria Trybus, Umid Usmanov, Ryan Vakil, Daria Valska, Bryson Wiese, Chris Wright, Michal Wyrebkowski, Nicole Xing, Lara Yellin, Steven Zaslavsky, Nick Zeffiro, and Grace Zhang. Only then will we all be able to utter the sacred words 'never again' sincerely," he wrote. Click here to watch President Zelenskyy's interactive Q&A with Yale students, Business Retreats and Sanctions Are Crippling the Russian Economy, click here to download the accompanying slide deck. More than 500 companies have suspended their business in Russia, and a similar number have withdrawn completely. Products from Italian drinks company Campari Group, which makes the popular Aperol liquor, are still available in Russia. More than 500 companies have suspended their business in Russia, and a similar number have withdrawn completely. Engie (France), Giorgio Armani (Italy), ING Bank (the Netherlands), Merck (Germany), Nestle (Switzerland), Red Bull (Austria), Total Energies (France), Unilever (UK) and Yves Rocher (France) are some of the European companies also included in that category. Yale professor is keeping tabs on companies still operating in Russia despite Ukraine invasion and many have now pulled out Last Updated: March 12, 2022 at 8:22 a.m. We believe that companies that continue to operate in Russia and invest in Russian assets face significant and growing legal, compliance, operational, human rights and personnel and reputational risks, said DiNapoli in his letter. Quincy, Illinois-based Titan International, maker of tires for farm tractors, has kept its majority stake in its factory in the southwestern city of Volgograd. FM @DmytroKuleba: International companies which remain working in Russia are directly funding #RussianWarCrimes and genocide of #Ukrainians. ethanol) and substantial sales hit, explore strategic alternatives, while stop new investments including $150MM, paused marketing, canceled product launches, suspend new investments in Russia and scale back production, stopped maritime oil shipments, diversifying supply, scale back majority of operations and suspend new investments in Russia, no new business; continue servicing fire engine pumps in Russian JV, stopped all operations in Russia other than basic food/feed/essential health activities, suspend certain partnerships with Aeroflot, suspend exports and imports but not local operations, stop all sales to Russia and shut down cloud operations but some carveouts, stop deliveries to Russia; continue manufacturing in Russia, not accept new contributors from Russia; continue current businesses & still offer services to Russia, suspend new investments, new projects, new exports; continue to work with suppliers and customers in Russia, suspend business interaction with Russian-owned entities; no information about other Russian customers, significantly scale back business in Russia; stop production; stop investments, suspend $500MM new investment and significant operations and partnerships, suspend certain operations in Russia but not all, suspended shipments to Russia but online sales continue. This group also features Eurovision and various sports organisations that have banned Russian nationals from participating in their competitions. Sat 19 Mar 2022 03.00 EDT Last modified on Sat 19 Mar 2022 03.02 EDT Pressure is mounting on Koch Industries, the conglomerate run by the rightwing billionaire Charles Koch, to pull out of Russia. FORTUNE may receive compensation for some links to products and services on this website. Chinese companies figure prominently in the last category. Bose does not sell directly to consumers in Russia we do not operate retail stores or sell or ship products through any company operated website. Goldman Sachs Group Inc., JPMorgan Chase . The Yale Chief Executive Leadership Institute team of researchers is led by Jeffrey Sonnenfeld, a Yale School of Management professor who is tracking the companies that have left Russia and the ones that are staying. all western companies must withdraw from Russia on humanitarian grounds. An additional 151 are scaling back, 175 are buying time and 230 are digging in, according to database kept by Yale University. Sign up for our weekly newsletter to stay informed and engaged. Seaweed mixing with plastics could provide fertile ground for Video shows several sharks feeding on dolphin off California coast. In total, the Yale database features 1,389 companies from all over the world, split into five categories: Put together, the three worst-performing categories digging in, buying time and scaling back add up to 555 companies, making up almost 40% of the database. A database kept by Yale University shows an additional 151 are "scaling back," 175 are "buying time" and 230 are "digging in." Chinese companies figure prominently in the last category. "We've been talking to the Ukrainians . We do continue to operate and follow all sanctions that are in place and there is no cash going in, no cash going out.. Out of these, 223 companies are considered to be operating "business as usual," including prominent firms from Italy (Boggi, Benetton, Calzedonia), France (Clarins, Etam, Lacoste), Germany (Siemens Healthineers, B. Braun), and the Netherlands (Philips). How We Do It: We have a team of experts with backgrounds in financial analysis, economics, accounting, strategy, governance, geopolitics, and Eurasian affairs with collective fluency in ten languages including Russian, Ukrainian, German, French, Italian, Spanish, Chinese, Hindi, Polish and English, compiling this unique dataset using both public sources such as government regulatory filings, tax documents, company statements, financial analyst reports, Bloomberg, FactSet, MSCI, S&P Capital IQ, Thomson Reuters and business media from 166 countries; as well as non-public sources, including a global wiki-style network of 250+ company insiders, whistleblowers and executive contacts. This money is soaked with Ukrainian blood.. The company has been operating in the Russian market for more than 30 years," it . KFC owner Yum! / MoneyWatch. Jakub Porzycki/NurPhoto via Getty Images As. Employees will still be paid. I actually didnt feel any difference between KFC and Rostics.. Another forest products company, Stora Enso, divested its packaging plants to local management but is still waiting for approval to shed two smaller Russian logging companies. Twenty-seven U.S-based companies are defying calls to exit or curtail their activities in Russia, according to a running tally by Yale University management professor Jeffrey Sonnenfeld and his research team. Airlines, automakers, banks, and technology giants at least 320 companies by one count are among the businesses curtailing operations or making high-profile exits from Russia as its . Immediately after Russia invaded Ukraine on February 24, a number of International companies announced they would no longer be operating in the country. First published on May 24, 2022 / 5:00 AM. We are humbled that our list helped galvanize nearly 1,000 companies to withdraw in the two months since. Another company, Des Moines, Iowa-based food additives supplier Kemin Industries, defended its ongoing operations in Russia as doing its part to offset hunger, including in Ukraine and Russia. Began process of aimed at transferring Russian business, pause new site activation and patient enrollment; continue operating, halting advertising and promotional spending and new recruitment of patients clinical trials, continue medical supply and treating current patients, stopped new investments and scaled back unspecified operations, stopped new investment and technology deployment to our Russia operations, Suspended business development and investment activities, suspend only exports to Russia and investments and new business, cancel investments in a brand new factory in Russia; but maintain other activities, outline steps to stop procurement of building materials from Russia, Aborted Russian project and halted investments, Patient recruitment on hold and no new clinical trial in Russia. Hilton BalkansCat/Shutterstock All 26 Hilton hotels in Russia remain open and running. But Russians are still getting their fill of American fare like burgers and pizza, as Hard Rock Cafe and Sbarro are among the more than two dozen U.S. corporations that continue to do business in Russia. Dallas, Texas-based-Match Group did not respond to a request for comment. Click here to watch President Zelenskyy's interactive Q&A with Yale students, hosted by Jeffrey Sonnenfeld, from autumn 2022. America is changing faster than ever! Click here to read the accompanying Foreign Policy op-ed, "Actually, the Russian Economy is Imploding", Russian companies open accounts with the bank; decline to comment, joint venture with the Russian Sovereign Wealth Fund, still operating and providing online sales to Russia, still operating and actively hiring in Russia, still providing services to Russia; not disclosed publicly, bought 2 million barrels of Russian Urals for May loading, still operating in Russia & online sales running, still cooperating with dealers in Russia; not disclosed publicly, China Communications Construction Company, offices in Russia, actively looks for new Russian employees, discussing investments with Chinese government to booster stakes in Russian energy and commodity companies, continues to build Vladivostok highway in March 2022, a subsidiary in Russia: China Unicom (Russia) Operations Limited Liability Company; business as usual, Not disclosed publicly; still operating in Russia, still operating in Russia; not disclosed publicly, expecting highest import level in 2 years, explicitly reversed decision to exit Russia, still manufacturing in Russia; not disclosed, business as usual; plans new brands in Russia, remains silent on whether they will continue operations, still purchasing Russian gas from Gazprom, still operating in Russia through a third-party; not disclosed publicly, still operating and advertising in Russia, offices operating in Moscow, did not answer for Reuters' calls for commenting on that, continues oil & gas exploration partnerships, business as usual - the Russian store is still fully operational, still operating in Russia, providing online sales, and cooperating with dealers, Continues to operate Russian LLC renamed Vechernyaya Zvezda despite statement of withdrawal, No action taken; still operating in Russia, continuing operations within sanctions compliance & shares in Sakhalin-2 project, partnership with Gazprom Neft; Gazprom has a 50% stake in NIS, We are actively exploring opportunities to work with our Russian partners, Selling of Russian Sokoil to other Indian Nationalised Energy corps, a sister company is Poly Technologies, one of China's largest arms exporters and has been sanctioned by the United States; in Russian tax registry, cooperating with a Russian bank "Solidarnost" on off-shore projectes, still operating in Russia through a subsidiary, maintain commerical ties with Russian Kamaz, still advertising and selling to Russia via Telegram, remains operational; plans to increase export, still operating in Russia and allowing placing online orders, Semiconductor Manufacturing International Corporation, defies US sanctions by continuing to export to Russia, still operating in Russia through subsidiaries, Business as usual, 15 listed distributors, The China Coal Transportation and Distribution Association, big power plants and about 20 Russian coal companies discussed plans to increase bilateral trade, Building a refractory material plant in Lipetsk, Russia, Still operating and advertising in Russia, continue operations on an unspecified "lower" level & postpone investments, suspend aesthetics operations, pause new clinical trials, still operating plant in Togliatti, Russia, suspend supply of parts and deliveries/servicing, t but continue substantial titanium purchases from Russia, suspend new investments and new clinical trial enrollment in Russia, cease new business initiatives but continue existing clinical trials, and distributing health products, investigate if Russian customers are subject to European sanctions, suspend unspecified new business in Russia for time being, unspecified scaling down of non-essential operations, monitor situation and review structures of Russian business partners, suspend new investments but still operating in Russia, all new investments and advertising activities on hold; limit Russia production to pasta and bread, stopping unspecified non-essential business activity, restrict Russian accounts with over 10,000, Stopped new investment but stays in Russia, suspend new investments & stop clinical trials, Suspend some shipments and plants but not all. While Starbucks and McDonald's have both announced their complete withdrawals from Russia in recent days, Hard Rock continues to operate its Hard Rock Cafes in Moscow and St. Petersburg, Russia. Newsweek reached out to Russia's foreign ministry and the listed companies for comment. Hundreds of companies have announced plans to suspend or halt operations over war in Ukraine, but some are still doing business. Jeffrey Sonnenfeld and his research team at the Yale Chief Executive Leadership Institute put together a comprehensive list of all the companies that remain operating in Russia to date. Soceite Generale. By Michael Race. "The other two we have ceased communication with and have no information on their status," Tenneco said in an emailed statement. "The more people know about Alexey," a pro-Navalny volunteer tells Newsweek, "the harder it will be for the Russian authorities to kill him in prison.". Titan International. Altman's warning comes as US tech companies prepare for what some predict will be a drawn-out battle with European regulators over a technology that has shaken up the industry this year. It appears they are still operating in ruSSia. It also still hasnt gotten approval after Gotek Group agreed in December to buy three smaller Mondi packaging operations. However, parent company Restaurant Brands International has said it. Thomas DiNapoli issued a letter to mulitple companies. Given the fast-moving nature of the situation . Its premium service is no longer available in Russia either, according to its website Friday. 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All rights reserved. Among those operating undeterred: . All Rights Reserved. However, their continued presence in Russia appears to undermine the political unity of Western countries, who have for months been trying to slash revenues that can bankroll the Kremlin's war machine. , the company said it has approximately 1,000 KFC restaurants and 50 Pizza Hut locations in Russia, nearly all of which are operated by independent owners under license or franchise agreements. and click here to read about President Zelenskyy's key lessons for business leaders. Polish President Andrzej Duda offers changes to law on 'Russian influence' amid growing criticism, Pedro Snchez postpones key speech at the European Parliament due to snap election, 'Russia will capitalise on any doubt shown in Ukraine conflict' - Zelenskyy. ", Ukraine's foreign ministry shared a graphic titled "Top 50 Brands From Europe and North America That Continue to Operate in Russia as of November 2, 2022.". Jeffrey Sonnenfeld and his research team at Yale have been tracking which companies are pulling their business from Russia and which are choosing to remain in the country. Burger King The fast-food company has said they cannot simply close all of their locations in Russia due to legal reasons. FLORIDA DONT SAY GAY BILL PASSES FINAL SENATE COMMITTEE, COLORADO WILL START ACCEPTING CRYPTOCURRENCY FOR TAX PAYMENTS, HHS SECRETARY CALLS TEXAS ORDER TO TREAT GENDER-AFFIRMING CARE AS CHILD ABUSE UNCONSCIONABLE, HIGHER MINIMUM WAGES HELP WITH RENT DEFAULTS UNTIL LANDLORDS RAISE RENT, STUDY SAYS, LIA THOMAS SWEEPS IVY LEAGUE CHAMPIONSHIPS, ADVANCES TO NCAA FINALS. BP was the first major oil company to announce changes to its business relationships in Russia in response to the crisis. TGI Friday's The restaurant chain is still operating in Russia. stop accepting new orders from continuing dealer network in Russia, Stopped new business and investments. Its partners included the investment arm of state-owned VTB Bank. 165 Whitney Avenue Kuleba said to continue operating in Russia is simply against basic principles of morale to continue working in Russia and making money there. Monday and explained companies continuing to operate in Russia contradict sanctions that the U.S. government has placed on the country, saying the idea of these sanctions is to put pain on to the economy, were not trying to figure out how to advance the Russian economy right now.. News provided by The Associated Press. Suspending all sales of products and services. The news agency had earlier cited emergency services, which said there was a fire . Which companies are still operating in Russia? The company now has four plants in Russia, with two idled. (AP Photo/Alexander Zemlianichenko), Do Not Sell or Share My Personal Information. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Neither company responded to emailed questions. Yale updates the database by analysing a variety of sources of information, such asgovernment regulatory filings, tax documents, company statements and media reports, as well as a network of company insiders and whistle-blowers. Supermarkets like Tesco, Sainsbury's and Asda have all stopped buying in Russian products to support people in Ukraine, with . Erin Prater. Domino's Pizza's nearly 200 stores in Russia remain open, with DP Eurasia, the owner of the master franchisee for Domino's in Russia saying it has suspended additional investment for now and won't accept royalty payments from its Russian operations until further notice. This material may not be published, broadcast, rewritten, or redistributed. Business reporter, BBC News. ET First Published: March . . the company said Russia accounts for about 8.5% of its earnings before . On Friday Spotify announced that it was pulling its. Three targeted oil field service companies Halliburton, Baker Hughes and Schlumberger had also already issued announcements about their Russian business operations. Russia denied a fire broke out at the Ministry of Defense building in Moscow according to state news agency TASS. Over 220 global companies are continuing "business as usual" in Russia, according to Yale University. Companies that are scaling back some significant business operations but continuing some others Keeping Options Open for Return (503 Companies) (Grade: B). Update 11/9/22, 11:07 AM: This story has been updated with additional information as well as comments from such companies as Lilly and Airbus. The Yale professor who put together a list of major western companies still operating in Russia applauded multiple major American brands' decisions Tuesday to pause business in that country over . "With the long-held conviction that weaponizing food is abhorrent, Kemin continues to do its part to help feed people and assist crippling food insecurity magnified during a time of war," the company said in a statement to CBS MoneyWatch. The agreement had been delayed for months by a lawsuit from Russian automaker GAZ. Still distributes through distributors, Pausing all transactions and sales of refining products, lubricants, and chemicals, Ending nearly all its institutional banking services in Russia, suspend acceptance of certain Russian commodities, pause taking any new orders from Russian distributor & remove future sales, suspend distribution operations in Russia, platform available; refrain from financial benefits from the region; suspend some content, no longer allow Russian payment cards & transaction in RUB, stop supplying ships to Russia, halt new contracts, suspended shipments to Russia except for humanitarian medical products, Wind down Russia operations; local partners and counsel open Russian business, suspend the operation of its stores in Russia, suspend contracts with Russian commercial partners. An additional 151 are "scaling back . Sonnenfelds team continuously updates their list to reflect changes as companies assess their business operations in the country. In an op-ed for The Hill in August, the foreign minister pointed to Russia's forced deportation of Ukrainian children from occupied territories to Russia, and to the Bucha massacre. Get browser notifications for breaking news, live events, and exclusive reporting. Turkish Airlines. The "business as usual" list also features some well-known American firms, like Tom Ford,Tupperware andTGI Friday's, as well as numerous Chinese enterprises, like Alibaba, Tencent and ZTE, and air passenger carries, like Emirates Airlines, Egyptair, Qatar Airways and Turkish Airlines. Turkey's Anadolu Efes has launched new products in Russia, including an energy drink and an alcohol-free beer, according to its first-quarter earnings report. The Starbucks logo and McDonald's Golden Arches are being dismantled in Russia as the coffee and fast-food chains both withdraw from the country over thewar in Ukraine. More than 200 companies have stopped operating in Russia. While that list grows each day, a number of American companies have chosen to continue operating in Russia. The numbers are compiled and regularly updated by an expert team from Yale University, which has been tracking corporate announcements since the war broke out in February 2022.